India has various types of banks along with their different branches. Every branch has their unique code. IFSC stands for Indian Financial System Code i.e. an 11 character alphanumeric code specifically acts as the branch identifier of the bank. With the help of this code, one can able to analyze the bank and its branch. It is stated on the cheque.
This code play a mandatory role when one required to transfer funds via NEFT or RTGS. For any transaction of one bank to another bank, there is a need of IFSC code. RBI assigns the IFSC code and this code also permits the RBI to monitor banking transactions and for managing financial transactions including NEFT, RTGS, and IMPS.
It consists of 11 characters in which the first four characters are always alphabets which represent the bank, fifth characters always remain zero and further 6 characters can be both, either an alphabet or numeric which represents Branch.
This is Applicable in the electronic payment system software such as CFMS, RTGS, and NEFT.
Steps for finding IFSC code:
a) For the IFSC code, Bank's name, State, district, Branch's name and address play an essential role.
b) You need to go through the following the link
Pick your bank from where your account belongs
a) Select your State
b) Select your District
c) Pick and select your branch to look at the IFSC code appeared.